FinCEN joins Federal Financial Regulatory Agencies in issuing a Statement on risk management and other practices to combat elder financial exploitation

A recent study estimates that elder financial exploitation results in annual losses of $28.3 billion in the U.S. The 2024 National Money Laundering Risk Assessment links it to over $3 billion in annual financial losses. FinCEN’s review of BSA data found 155,415 reports of elder exploitation between June 2022 and June 2023, associated with over $27 billion in suspicious activity. Beyond financial losses, elder exploitation also increases reputational, operational, compliance, and other risks for institutions…